Cherry Trade binary options review
Established back in 2013, CherryTrade is a solid name in the binary options community, a broker which has gone the extra mile to make itself stand out among the masses. CherryTrade used to accept traders from the USA; unfortunately, they no longer do, even though they are not regulated. For traders from other countries around the globe however, they have a lot to offer. Let’s take a look.
CherryTrade Company Information
To my knowledge, CherryTrade is still owned and operated by Blue Sky Solutions, LTD, a company based in Gibraltar. As previously mentioned, they are not regulated, but they do have years of experience in the industry now, and on the whole, their reputation is strong.
What Makes Trading at CherryTrade Different
When you first check out CherryTrade, the site probably will appear just like the masses of other white-label SpotOption brokers out there. I would say there are a couple of distinctions. The first is that the overall quality of services is higher. The second is that they offer some excellent bonuses and benefits at every account level.
Stocks: IBM (US), MICROSOFT (US), APPLE (US), CITI (US), COCA COLA (US), GAZPROM (RUSSIA), HSBC HOLDINGS (LONDON), LUKOIL (RUSSIA), NIKE (US), SBERBANK (RUSSIA), TATA MOTORS (INDIA), TESCO (UK), AMAZON (US), GOOGLE (US), FACEBOOK (US), TWITTER (US), EBAY (US), ALIBABA (US), MCDONALDS (US), WALT DISNEY (US).
Currencies: EUR/GBP, EUR/JPY, EUR/USD, GBP/USD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USD/RUB, USD/SGD, USD/TRY, USD/ZAR.
Commodities: COFFEE, GOLD, OIL (LIGHT SWEET CRUDE), PLATINUM, SILVER, SUGAR, WHEAT.
Indices: BOMBAY SE, DAX (GERMANY), DOW (US), DUBAI FINANCIAL MARKET GENERAL INDEX (DUBAI), FTSE 100 (UK), HANG SENG (HONG KONG), KUWAIT GENERAL INDEX (KUWAIT), MICEX 10 (MOSCOW INTERBANK EXCHANGE), NASDAQ (US), NIKKEI 225 (JAPAN), RTS (RUSSIAN TRADING SYSTEM, MOSCOW, RUSSIA), S&P 500 (US), SSE 180 (SHANGHAI STOCK EXCHANGE), TADAWUL (SAUDI STOCK EXCHANGE), TEL AVIV 25, TOPIX.
Does CherryTrade Offer Bonuses?
CherryTrade does offer match bonuses when you place your initial deposit. They used to offer match bonuses on future deposits as well (which is uncommon). They appear to have changed their entire bonus structure however, so I do not think they offer that anymore. You can view the bonus amounts below.
CherryTrade Trading Accounts
Here are the account tiers offered by CherryTrade:
- Classic: Deposit $200+, receive a 20% welcome bonus.
- Pro: Deposit $2,500+, receive a 35% welcome bonus.
- Gold: Deposit $6,500+, receive a 70% welcome bonus.
- VIP: Deposit $50,000+, receive a 50% welcome bonus.
- Corporate: Deposit $100,000+, receive a 30% welcome bonus.
As you can see, the highest welcome bonus is actually at the Gold level, not VIP or Corporate.
If you open a Classic account, you will be working with a junior broker, and you will get access to the Level 1 Education Center. At the Pro level, there are far more benefits. You get an Executive Broker, 1-on-1 training for an hour, the next level in the Education Center, and general trading signals.
“At the Gold level, the account benefits include everything in the preceding packages, but you also get the third level in the Education Center and three risk-free trades along with an additional two hours of one-on-one training.”
At the VIP level, you get all those benefits plus five total risk-free trades, 7 hours of one-on-one analyst sessions, and the fourth level in the Education Center. Your account comes with personalized trading signals. The Corporate account comes with ten risk-free trades, the full Education Center, and unlimited sessions one-on-one with a trading analyst.
All told, these are some outstanding benefits, and I notice they are geared toward serious traders. Signals, education and one-on-one training sessions all can help you hone your game and trade profitably.
Mobile Trading on CherryTrade
You can trade on your iOS or Android mobile device on CherryTrade anywhere you have an internet connection.
CherryTrade Deposits and Withdrawals
The minimum deposit on CherryTrade is $200. You can open your account in USD, EUR, GBP, AUD or CAD. Acceptable methods include credit or debit card, wire transfer, or an e-wallet.
The minimum withdrawal amount is $100. You can withdraw using your credit or debit card or wire transfer.
One of the drawbacks of CherryTrade is the withdrawal fees:
- The terms and conditions page states that “account holders will be subject to a 42.00 USD/GBP/AUD/CAD/EUR/BRL withdrawal fee.”
- If you have deposited more than $250 in any currency and have not achieved more than $100 in rollover, you will be “subject to a 10% levy on the account balance in order to cover processing costs.”
So that means every time you want to withdraw, you may pay a $42 fee, and possibly another 10% of your account balance.
What is weird is that in the FAQ, the company says “there are no fees attached to credit card withdrawals at CherryTrade; however, all withdrawals via bank transfer will require a processing fee of $30 USD.”
So is there a $42 fee or not? My guess is that the company has reserved the right to charge that fee in their terms but likely does not enforce it, but I would definitely ask customer service this before depositing money and trading.
CherryTrade Trading Platform
The trading platform is SpotOption, which means you may already know how to use it if you have traded on another binary options website which uses it (and most of them do). Types of options you can trade on CherryTrade include:
- Long Term
- Sixty Seconds
- One Touch
Trading is as simple as selecting your asset, choosing an expiry time, entering an amount, and selecting the direction of your trade. SpotOption was designed to be as easy as possible even for total novices to learn how to use, so even if you are brand new to binary options, you should pick up on this fast at CherryTrade.
The minimum trade amount is $25, and the maximum is $500. $25 may be on the steep side for traders who have opened an account with a low balance, but it is not out of line with industry norms.
Customer Support on CherryTrade
Customer service on CherryTrade is offered from 6:00-21:00 GMT Sunday through Friday. You can use a web form or regional phone number to get in contact with the company. They used to offer live chat, but I was unable to find it on the site now (it may only show up when logged in; there was an error today, so I could not manage to do so and check).
Trading Features and Resources on CherryTrade
- You can use Double Up, Rollover or Early Close when you are in a trade to stay in longer or get out early.
- You can use the “Follow” feature to copy another trader who is doing well. By setting a follow period, maximum per trade, and total investment limit, you can even let the platform do so automatically for you.
- These are in addition to the other trading features and resources mentioned earlier, like the education center, training, and signals.
There are some respects in which CherryTrade is lacking. The absence of a demo account is a big drawback, and the fees look like they could get to be a problem under some conditions. But the resources and tools are undeniably outstanding, and CherryTrade also has a stellar reputation, making it a great site for your online trading.
- CherryTrade offers plenty of financial instruments to trade and a great assortment of trade types.
- The educational materials on the site are abundant, especially for traders in the higher account tiers.
- With one-on-one training and personalized signals, there is an emphasis here on the individual trader.
- Risk-free trades, social trading, and other trading tools add value to your account.
- CherryTrade has a long-standing strong reputation in the binary community.
- The $25 minimum investment size is in excess of the $10 or less minimum available on competing sites.
- There is no demo account to practice your trading, which forces you to do it elsewhere.
- Fees are confusing.
- Can I trust CherryTrade?
Yes. CherryTrade has been in business for years now, and even though they are not regulated, they have received many great reviews from loyal customers.
- How do I open an account on CherryTrade? How do I get premium features?
To get started, just click on “Register Now” in the upper right-hand corner of the site, fill in your information, and hit “Submit.” The account features and benefits you get depend on how much money you deposit. $200 will get you a Classic account. Deposit more if you want more features. I recommend the Gold account for most retail traders, which maximizes the account features you can enjoy without breaking the bank. It also gives you the highest bonus.